Performance data quoted represents past performance and is no guarantee of future results. An investment cannot be made directly
in an index.

High yield bonds and senior secured loans decline amid volatility: U.S. equity and commodity price volatility negatively impacted the leveraged credit markets in November. Against the backdrop of heightened global growth and trade-related concerns, HY Bonds returned -0.91% even as corporate fundamentals remained stable.1,2 Senior Secured Loans returned -0.90% in November as volatility across the broader financial market spilled into the asset class, with bank loan mutual funds registering their second monthly outflow of the past 11 months.3,4 Year to date, Senior Secured Loans have outperformed both HY Bonds and higher-duration fixed income investments by a relatively wide margin. For example, the Barclays Agg returned 0.60% in November as Treasury rates declined but remains negative in 2018 due, in part, to the index’s higher sensitivity to interest rates,﻿ which are higher for the year.5

Index descriptions: Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S.
dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS
(agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).
ICE BofAML U.S. High Yield Master II Index is designed to track the performance of U.S. dollar-denominated below investment grade corporate debt publicly
issued in the U.S. domestic market. S&P/LSTA Leveraged Loan Index is a market value-weighted index designed to measure the performance of the
U.S. leveraged loan market.

This credit market commentary and any accompanying data is for informational purposes only and shall not be considered an investment recommendation or
promotion of FS Investments or any FS Investments fund. The credit market commentary is subject to change at any time based on market or other conditions,
and FS Investments and FS Investment Solutions, LLC disclaim any responsibility to update such credit market commentary. The credit market commentary
should not be relied on as investment advice, and because investment decisions for the FS Investments funds are based on numerous factors, may not be relied
on as an indication of the investment intent of any FS Investments fund. None of FS Investments, its funds, FS Investment Solutions, LLC or their respective
affiliates can be held responsible for any direct or incidental loss incurred as a result of any reliance on the credit market commentary or other opinions
expressed therein. Any discussion of past performance should not be used as an indicator of future results.

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